“Trade Marks Act” means the Trade Marks Act, 1993 (Act No. 194 of 1993);
Category: Definitions – ITA
“Trade” definition of section 1 of ITA
“trade” includes every profession, trade, business, employment, calling, occupation or venture, including the letting of any property and the use of or the grant of permission to use any patent as defined in the Patents Act or any design as defined in the Designs Act or any trade mark as defined in the Trade Marks Act or any copyright as defined in the Copyright Act or any other property which is of a similar nature;
“Trading stock” definition of section 1 of ITA
“trading stock” includes –
(a) includes-
(i) anything produced, manufactured, constructed, assembled, purchased or in any other manner acquired by a taxpayer for the purposes of manufacture, sale or exchange by the taxpayer or on behalf of the taxpayer;
(ii) anything the proceeds from the disposal of which forms or will form part of the taxpayer’s gross income, otherwise than-
(aa) in terms of paragraph (j) or (m) of the definition of ‘gross income’;
(bb) in terms of paragraph 14(1) of the First Schedule; or
(cc) as a recovery or recoupment contemplated in section 8(4) which is included in gross income in terms of paragraph (n) of the definition of ‘gross income’; or
(iii) any consumable stores and spare parts acquired by the taxpayer to be used or consumed in the course of the taxpayer’s trade; but
(b) does not include-
(i) a foreign currency option contract ;or
(ii) a forward exchange contract,
as defined in section 24I(1);
“Trading stock” definition of section 41 of ITA
“trading stock” for purposes of sections 42, 44, 45 and 47, includes any livestock or produce contemplated in the First Schedule and any reference to an amount taken into account in respect of an asset in terms of section 11(a) or 22(1) or (2) shall, in the case of such livestock or produce, be construed as a reference to the amount taken into account in respect thereof in terms of paragraph 5(1) or 9 of the First Schedule, as the case may be;
[Definition of “trading stock” inserted by section 49 of Act 45 of 2003, substituted by section 52 of Act 35 of 2007, amended by section 61 of Act 7 of 2010 and substituted by section 54 of Act 43 of 2014 effective on 20 January 2015]
“Transaction date” definition of section 24I of ITA
“transaction date” means, in relation to –
(a) ……….
(b) a debt owing by a person, the date on which such debt was actually incurred;
(c) ……….
(d) a debt owing to a person, the date on which the amount payable in respect of such debt accrued to such person or the date on which such debt was acquired by such person in any other manner;
(e) a forward exchange contract, the date on which such contract was entered into;
(f) a foreign currency option contract, the date on which such contract was entered into or acquired; and
(g) an amount which constitutes a unit of currency, the date on which that amount was acquired;
“Transfer price” definition of section 24J of ITA
“transfer price”, in relation to the transfer of an instrument, means the market value of the consideration payable or receivable, as the case may be, for the transfer of such instrument as determined on the date on which that instrument is transferred;
“Transfer” definition of section 24J of ITA
“transfer”, in relation to an instrument, includes –
(a) the transfer, sale, assignment or disposal in any other manner of such instrument by the holder or issuer thereof, as the case may be; or
(b) the acquisition of such instrument by the holder or issuer thereof, as the case may be, by way of a transfer, sale, assignment or disposal in any other manner,
but does not include the redemption of such instrument;
“Translate” definition of section 24I of ITA
“translate” means the restatement of an exchange item in the local currency at the end of any year of assessment, by applying the ruling exchange rate to such exchange item.
“Trust” definition of section 1 of ITA
“trust” means any trust fund consisting of cash or other assets which are administered and controlled by a person acting in a fiduciary capacity, where such person is appointed under a deed of trust or by agreement or under the will of a deceased person;
“Trustee” definition of section 1 of ITA
“trustee”, in addition to every person appointed or constituted as such by act of parties, by will, by order or declaration of court or by operation of law, includes an executor or administrator, tutor or curator, and any person having the administration or control of any property subject to a trust, usufruct, fideicommissum or other limited interest or acting in any fiduciary capacity or having, either in a private or in an official capacity, the possession, direction, control or management of any property of any person under legal disability;